Blast releases: TVL exceeds 400 million, the team denies Paradigm's dominance and plans to replace the cold wallet

Blast is an emerging decentralized finance (DeFi) project. Less than 4 days after its recent launch, its total locked value (TVL) exceeded US$400 million. This achievement has aroused widespread attention and speculation. There are rumors that this is led by Paradigm, a well-known investment institution, but the Blast team responded, stating that Paradigm is not the leading party and that they plan to replace the cold wallet. PHP editor Banana will analyze this incident and reveal the truth.

The current doubts about Blast are mainly divided into the following three points:

It is not Layer2 at all: According to L2Beat’s point of view, a real Layer2 system must be able to publish transaction data and status summaries to Layer1, And have a validity or fraud proof mechanism to ensure safety and reliability. However, Blast currently does not implement these key features.

According to Polygon’s developer analysis, the five signers involved in the Blast multi-signature contract all have new addresses and their identities are unknown.

Slow Mist founder Yu Xian mentioned that a security risk of the Blast contract is the lack of time lock. Although the contract is upgradeable, the lack of time locks means that important changes can be made without delay or warning. This may lead to potential security issues.

Blast official response: Nothing is 100% safe

Faced with doubts, Blast clarified its security model on X. The official team believes that security is multi-faceted and involves many aspects such as smart contracts, browsers and physical security. They point out that no single aspect can guarantee Blast is 100% safe. Instead, they argue that immutable smart contracts, which are generally considered more secure, may pose greater risks in complex protocols. Blast emphasized the importance of upgradable contracts and prepared solutions to potential vulnerabilities, albeit potentially buggy ones.

Blast emphasized the effectiveness of the multi-signature (multisig) security measures they use. Similar security measures are also adopted by some other Layer 2 solutions, such as Arbitrum, Optimism and Polygon. Blast stated that each of their signing keys is stored in a cold wallet and managed separately by different people, which ensures that the keys are safe and not vulnerable to attacks. In addition, the geographical locations of these managers are also dispersed, further increasing the security of the system.

To further improve security, Blast plans to replace one of the multi-signature addresses with another cold wallet provider within the next week. The purpose of this is to reduce reliance on a single cold wallet and reduce the risk of being attacked due to hardware vulnerabilities.

Founder Pacman: The launch of Blast has nothing to do with Paradigm

It is not just a matter of security risks. There are also many voices in the market who believe that the reason why Blast can attract a large amount of funds in the short term is because it has many backings. Large institutions, because Blast has received support from Paradigm, Standard Crypto, eGirl Capital and Mechanism Capital co-founder Andrew Kang, Lido strategic advisor Hasu, The Block CEO Larry Cermak and many other angel investors.

In this regard, Pacman, the founder of Blur and Blast, also clarified on

“We consulted with Paradigm on the technical L2 design (scheduled to go live in February) – they were excellent on that. But we handled the market rollout in-house. In fact, Paradigm I was asked to make changes to the market launch plan after the product launch. Their suggestions are being actively considered by us. However, like any respectable investor, while they may disagree with a particular plan and make their own recommendations, Let the entrepreneurs they work with make the final decision. This is one of the many reasons I love working with their team.”

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